Digital door lock market
The global digital door lock systems market iwas valued at US$ 731.9 Mn in 2014 and is forecast to grow at a CAGR of 31.8% during the period 2015 to 2023. Growth of micro, small and medium enterprises (MSMEs) across the world and high industrial activity are the key factors driving the growth of the digital door lock systems market. In addition, the enhanced security needs of customers are driving the adoption of security solutions in the residential sector. Managed security solutions at affordable prices are expected to drive growth of this market over the forecast period.
In terms of end-users, commercial is the largest segment contributing to the market. Residential is the second largest segment. Home-based and small to mid-sized businesses are expected to be the target markets driving the.
Manufacturers that are positioned to benefit include Godrej & Boyce, Assa-Abloy and Weiser Lock, Siemens AG. These companies manufacture digital door locks systems for both home and businesses that capture different types of biometrics such as fingerprints, palm, and voice and use them to identify residents and personnel to allow entry.
The largest, most demanding and dynamic customer segment is institutional and commercial customers. These include corporate workplaces, universities, hospitals, government agencies, airports and shopping malls, buildings with high security requirements where a large number of people and goods enter and exit daily.
Smart home applications are in demand and are supported by the increased use of smart phones and tablets. Residential security has become the major part of smart home applications. People are opting for the latest technologies and solutions available in the market for a high level of security and automation in their home premises. Smart home applications now include more advance features such as security alarms, sensors, electronic locks, cameras etc. along with other smart features such as control over the home living environment including; lighting, climate controls, fire alarms and power management.
Some of the major industry players profiled in the study include Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Group, Cisco Systems, Inc., United Technologies Corporation, Siemens AG, Panasonic Corporation, Nestwell Technologies, Vivint, Inc., Hanman International Pte Ltd., Hitachi, Ltd. and Tyco International Ltd.
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